CNBC’s Rick Santelli warned Friday on “Squawk Box” that the world economy is “doomed” if leaders keep bucking fossil fuels.
Santelli warned about inflation and consumers feeling the effects throughout the near future.
“If you’re looking at inflation, I think one of the guests said they think it’s probably going to remain sticky. I think it’s the rate of change, and the American public is not stupid, meaning, it’s going to certainly quit going up as fast as it is, but prices are not —and I underscore — are not going back to where they were,” he said. “You need months and months and months of minus signs on year-over-year, months over months on CPI and PPI. Don’t think you’re going to get months and months of those, and on the other data with regard to this jobs report, I would say that the rest of the world’s in much worse shape than us.”
“I think it’s really funny when I see the Eurozone debating about what to do with oil and gas, and Putin’s somewhere watching it. It just seems really weird, he’s holding the switch. He can do it anytime he wants,” Santelli added. “And I still say, if there’s one word about what the future of the world’s economy looks like down the road, and people aren’t going to like this, it’s about the cost of energy. If people want to keep energy prices high and the governments want to have secret meetings about really not being all that enamored with fossil fuels at this point in history, then we’re all doomed to slower economies down the road, period.”
President Joe Biden has reversed several Trump-era energy policies since taking office, with former Interior Secretary David Bernhardt recently saying the move has hurt Americans amid the Ukraine crisis.
“As a candidate, President Biden was very, very clear that he had a different energy vision than the vision of energy independence — even energy dominance — that Trump had,” Bernhardt told the Daily Caller News Foundation.
“President Biden campaigned with a very different vision,” he added. “His vision, I think to say fairly, would be a vision of climate activism over energy independence or energy dominance.”
Biden canceled the Keystone XL pipeline permit upon taking office and issued a moratorium on new federal oil and gas leasing, following up on a campaign promise to “get rid of fossil fuels.” (RELATED: Biden Admin Says Oil Production Is At Historic Levels. But There’s One Problem)
Under the Trump administration, the U.S. increased domestic oil production from 8.9 million barrels per day to nearly 13 million barrels per day between 2016-2019. The U.S. became a net exporter of total energy in 2019 — factoring in oil, coal and natural gas trade — for the first time in nearly 80 years.